Foreclosure

April 22, 2008 -- The Maine State Foreclosure Prevention Working Group, a group of state attorneys general and banking regulators working to prevent home foreclosures, issued a report Tuesday concluding that efforts have increased but are falling far short of the need to address the foreclosure crisis and prevent millions of unnecessary foreclosures.

Unused house, Maine: Photo by The B's (CC)    » read more »

Seven of 10 Seriously Delinquent Borrowers Are Still Not on Track to Get Help

April 22 , 2008 -- Chicago – Illinois Attorney General Lisa Madigan today called on mortgage lenders and the federal government to step up efforts to reduce mortgage foreclosures in light of new data showing efforts are barely keeping pace with the rising rate of homeowners in trouble. Madigan is a member of the State Foreclosure Prevention Working Group, a group of state attorneys general and banking regulators working to prevent unnecessary home foreclosures.

Protesters outside Fed Chief Ben Bernanke's home: Photo by cioproject (CC)    » read more »

April 21, 2008 -- SEATTLE – Approximately 200 Washington consumers who paid for a service that they thought would help save their homes from foreclosure will receive partial refunds under a new settlement announced today by the Washington Attorney General’s Office.

The homeowners each paid $1,200-$1,500 to Foreclosure Assistance Solutions LLC, of Clearwater, Fla. More than 70 percent of homeowners who signed up with Foreclosure Assistance Solutions ended up losing their homes anyway. The company went out of business in fall 2007.    » read more »

New measure creates 60-day moratorium on foreclosure if families seek help

April 16, 2008 -- SPRINGFIELD – The Homeowner Protection Act, Senate Bill 1998, first announced by Illinois Governor Blagojevich last month and sponsored by Senator Jacqueline Collins (D-Chicago), cleared its first legislative obstacle earlier today when it was approved by the Senate Licensed Activities Committee.

For Sale By Owner sign: Photo by Chris Williams (CC)    » read more »

Washington, DC - 04/16/2008 - One in 33 homeowners is projected to be in foreclosure primarily over the next two years, as a result of subprime loans made in 2005 and 2006, according to a new report released today by The Pew Charitable Trusts. In some states, the outlook is especially grim; for instance, nearly one in 11 homeowners in Nevada is projected to be in foreclosure and one in 18 Arizona homeowners may face the same circumstance over the next two years.

Homeowners being foreclosed upon may not be the only homeowners affected, according to data cited in the report. An additional 40 million neighboring homeowners may see their property values and their municipalities’ tax bases drop by as much as $356 billion, largely over the next two years.    » read more »

Includes Foreclosure Counseling Workshops, funding for mediation, lender compact

April 14, 2008 -- Saint Paul – To provide Minnesota homeowners with additional tools to prevent foreclosure, Minnesota Governor Tim Pawlenty today announced expanded foreclosure counseling workshops to be held around the state, creation of a compact with lenders to reduce foreclosures, and state funding for voluntary third-party mediation when counseling is unsuccessful.    » read more »

April 11, 2008 -- New York Governor David A. Paterson and Legislative leaders announced today that the Enacted Budget includes $25 million to help save thousands of homeowners from foreclosure. The Subprime Foreclosure Prevention Services Program includes grants and aid to non-profits to provide financial counseling, mediation, legal representation, negotiation, and other support services to borrowers who face default or foreclosure.

New York Governor David Paterson: Photo by New York Governor's office    » read more »

Victory on Kerry-Smith Mortgage Revenue Bonds Will Also Help 87,000 Families

04/10/2008 -- Washington, DC – The Senate today voted 84 to 12 to pass the Foreclosure Prevention Act of 2008, which included Senator John Kerry’s provisions to protect active duty service members and their families from foreclosure, and Kerry’s Mortgage Revenue Bonds proposal to give localities new tools to help keep thousands more American families in their homes.

A returning National Guard soldier: Photo by Poppyseed Bandits (CC)    » read more »

April 10, 2008 -- Washington, DC -- “Several provisions included in the Senate's housing bill are important proposals, and I am pleased to see them passed today. The additional mortgage revenue bonds to increase affordable housing and refinancing opportunities, the increase in the Federal Housing Administration's mortgage limits which I have pushed for nearly two years,

Century 21 bank foreclosure sign: Photo by Mark Sardella (CC)    » read more »

April 10, 2008 -- WASHINGTON, D.C. - U.S. Senator Barack Obama released the following statement today on the Senate's passage of the Dodd-Shelby housing package. The measure passed by a vote of 84 to 12.

"With millions of American homeowners at risk, our government must act now to avoid a wave of foreclosures, which could devastate our neighborhoods, deal another blow to credit markets, and send the economy into a severe recession. The time has long past for far-reaching relief.

Foreclosure help sign: Photo by Cory Doctorow (CC)    » read more »

Deceptive Tactics Sent Five Homeowners into Foreclosure

April 8 , 2008 -- Chicago – Illinois Attorney General Lisa Madigan filed a lawsuit late yesterday against a Chicago-based mortgage rescue fraud firm for allegedly violating the Consumer Fraud and Deceptive Business Practices Act for activities that have caused at least five homeowners to lose their homes to foreclosure.    » read more »

“Reward The Perpetrator, Blame The Victim”: A Compromise Not Worthy Of Celebration

April 07, 2008 -- WASHINGTON, DC—“This legislation—source of much high-fiving and back-patting in Congress—is a slap in the face to homeowners and taxpayers. It’s both revealing and disappointing to see what Republican and Democratic members of the U.S. Senate could and could not agree on:

“They could not agree that bankruptcy judges should be empowered to adjust mortgage rates to aid struggling homeowners. In fact, they could not come up with a single proactive measure to stem the flood of foreclosures.    » read more »

4.7.08 - Columbus, Ohio - Ohio Governor Ted Strickland today announced that nine mortgage loan servicers agreed to sign a “Compact to Help Ohioans Preserve Homeownership,” the first agreement of its kind in the nation.

In a Governor’s Office ceremony this morning, executives from six mortgage loan servicers signed a document pledging that they will work with the state in making every possible attempt to prevent default loans and foreclosures in Ohio.

Foreclosed shanty: Photo by Sharyn Morrow (CC)

Executives from three other companies mailed signed copies.    » read more »

State housing authority and lenders join forces to offer new tools to help families save homes

LANSING – Michigan Governor Jennifer M. Granholm today signed legislation aimed at preserving the American dream of homeownership for Michigan families in jeopardy of losing their homes to foreclosure.

The governor was joined today by lenders from the Michigan Credit Union League, the Michigan Bankers Association, and sponsoring legislators from across the state for bill signings in Grand Rapids, Jackson, and Detroit.    » read more »

Virginia Foreclosure Rate Has More than Doubled Since 2006

April 1, 2008 -- Washington, DC- The Senate today voted overwhelmingly to begin debate on a measure co-sponsored by Senator Webb designed to ease the impact of the home foreclosure crisis on communities across the country. The “Foreclosure Prevention Act of 2008” (S. 2636), introduced last month to address the mounting nationwide housing crisis and help more families keep their homes, will receive a final vote later this week or next.    » read more »